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A firm undergoes a learning curve over its first few years of existence
In its first year, its cost function is C(Q)= 128 + 3Q + 2q2 with MC= 3 + 4Q
In its second year, its cost function is C(Q)= 100 + 2Q + q2 with MC= 2 + 2Q
In its third year, its cost function is C(Q)= 64 + 2q2 with MC= 2Q
In each year the firm produces at its MES.
(a) Work out the MES in each year.
Suppose that you are a manager in charge of setting prices for your company and you observe that your consumers respond to price changes inelastically. Define, using explicit terminology from class, what it means to have an inelastic response to a pr..
Banks and savings and loans were allowed to issue NOW accounts nationwide in 1981. An unexpected result was that the relationship between the growth of M1 and GDP broke down. If the relationship between the money supply and the level of economic acti..
Rolston Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $26,300, and the company expects to sell 1,480 per year. The company currently sells 1,980 units of its existing model per year..
Let's use an oligopoly model to understand why it may be better for competing firms if one of them assumes the role of a price leader (ABI in this story), while others follow (MillerCoors'), relative to a situation where they choose price simultaneou..
HI5003 Economics for Business. Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes..
What are the main causes of and contributing factors to international financial crises? How can they be resolved? How can they be prevented? Answer this question in the context of the Asian Crisis of 1997.
A firm has enough retained earnings to finance an investment project. For this firm, the market interest rate:
What do you make of the razor wars, first between Gillette and Schick, and now with online competitors? Does Gillette face a serious threat from competitive inroads? Explain.
Suppose that investment decline by 40 units to a level of 60. What will be the new level of equilibrium income.
All of the following are reasons why China is unlikely to maintain high enough rates of productivity growth to catch-up with the standard of living in the United States except
Assume that the reserve requirement is 20 percent. Also assume that banks do not hold excess reserves and there is no cash held by the public. The Federal Reserve decides that it wants to expand the money supply by $ 40 million dollars. If the Fed is..
Select an asset of your choice. For example you may select an appliance in your home, office, or in another place that have been in use for many years and you are thinking is time to replace it by a new one. After selecting the defender equipment and..
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